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    7240 Azure Dr Las Vegas, NV 89130

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    For Lease
    Contact for pricing

    Las Vegas Retail Investment Opportunity

    Lot size:
    49,554 SF

    Property Features for 7240 Azure Dr

    General Information

    Property type
    Retail properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    49,554 SF
    Class
    A
    Total Rate
    123885

    Building Details

    Year Built
    2005
    Buildings
    5
    Stories
    1

    Spaces For Lease

    at 7240 Azure Dr, Las Vegas, NV 89130 Contact us
    Unit 7290 Bldg., #140 Endcap Pad Space

    $30 /Mo

    Size
    1,380 SF
    Contact us
    Unit 7240 Bldg., #105 - Endcap Drive-Thru

    $42 /Mo

    Size
    1,519 SF
    Contact us

    We can help!

    Listing Contact
    Lauren Tabeek
    Lauren Tabeek

    Listing Agency: Newmark | Las Vegas Listing Agent: Lauren Tabeek

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Tenaya Village, a Class A, 49,554 square foot retail center in Las Vegas, NV, presents a compelling investment opportunity. Built in 2005, this five-building, single-story property sits on a 6.29-acre lot at 7240 W Azure Dr, conveniently located at the intersection of Tenaya Way & Azure Drive within the Centennial Hills submarket. The property boasts a T-C zoning designation (City of Las Vegas) and features a diverse mix of tenants including Starbucks, Timbers Bar & Grill, Wing Stop, Frijoles & Frescas, and Capriotti's. The center benefits from strong surrounding demographics, with average annual incomes exceeding $112,000 within a three-mile radius. Its strategic location within the Town Center District and proximity to a new NDOT 215 Beltway interchange at Sky Pointe Drive ensures excellent accessibility and high visibility. This multi-tenant property offers a variety of spaces including shopping center, strip retail center, retail pad, retail center endcap, pad space, street-front pad, restaurant space, drive-thru options, and kitchen facilities equipped with grease traps and interceptors, making it ideal for QSR establishments. The property's APN is 125-27-113-007. This is a rare opportunity to acquire a well-established retail center in a thriving Las Vegas submarket.
    Property Profile Location Intelligence

    Current Use by Public Records

    Namaste Las Vegas Gym & Fitness Center PHAMV Nail Bar Nail Salon Capriotti's Sandwich Shop Take-out & Catering Edward Jones - Financial ... Financial Advisor Lino's Pizza & Italian ... Restaurant

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.25368224648
    Latitude
    36.274006456436

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    FAQs

    What type of property is this?
    Retail property - Las Vegas Retail Investment Opportunity
    Where is this retail property located?
    The property is located at 7240 Azure Dr Las Vegas, NV.
    What is the lease rate?
    The lease rate is $30-$42 SF/Yr.
    What are key features of this property?
    This property features: 1,519 SF endcap space with drive-thru and grease trap.; 1,380 SF endcap space available.; 49,554 SF strip retail center in desirable Centennial Hills.
    (702) 733-7500 Call to check price and availability
    Request Owner's contact information
    7240 Azure Dr Las Vegas, NV 89130
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    Las Vegas, NV 89130
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    7240 Azure Dr Las Vegas, NV 89130
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    Contact for Pricing
    Please call us for current price
    and status of this listing Lauren Tabeek
    Lauren Tabeek
    Real Estate License ID: #S.74477
    (702) 733-7500 (702) 405-1707
    Learn more
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